IVA and money from wife

Wix2444

Hi,

I've just submitted for an iva but have a question. A lot of my debt is from gambling and investing, of which my wife gave me a considerable amount of money towards the investment. Would it be possible to put her down as a creditor or not?

Thanks

PrettyKittyKat

When you say submitted do you mean that the IVa proposal has been sent? Or that you have contacted an IVA company to discuss it and put the proposal together?

I am guessing the second as I presume you would have asked about your wife being included before a proposal is sent.

To be listed as a creditor then a debt must be owed to someone. That being they must have lent you money and you agree that the money is owed to them and it is not a gift.

Creditors take a dim view on debts being accrued due to gambling. IVA proposals are of course still accepted and I saw proposals with gambling being included as a reason. However, I don't think creditors would think kindly to your wife being listed as a creditor. When you are a married couple it would be seen as financial gifts if she helped you out rather than a loan, unless of course you have documentation dated from the time of the 'loan' confirming it was such and detailing the debt repayments, or you could prove the debt repayments being made regularly (bank statement showing a DD listed as loan repayment maybe?). Your IP would be able to advise better on this but I wouldn't hold out much hope.